Homeownership isn’t simply for suburban married couples just starting out on life’s journey together, despite what some of our most prominent cultural myths might have you believe. Everyone requires housing, and while renting has become more popular over time, buying a home remains a top objective for many Americans.
Homeownership is not restricted to married couples. Though acquiring a home alone can be more difficult than purchasing with a partner, single people can profit from homeownership just as much as anyone else.
If you’re single and want to buy a home, know that with careful planning and the appropriate team of professionals, you can make your dream a reality. According to Freddie Mac research, 28 percent of all households (36.1 million) are headed by a single individual, and this percentage is rising.
Here are some tips to assist you to fulfill your dream of owning a property.
When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history.
It’s crucial to figure out your score so you know where you stand. Meet with a specialist for expert guidance on your specific scenario if you’re not sure if it’s strong enough or where to put your energy to better it.
You only have one credit history to rely on when applying for a mortgage loan, in addition to one income.
If you’ve had credit issues, the lack of a partner eliminates the possibility of someone with superior credit pulling up the household’s credit profile.
Being single, on the other hand, means you don’t have to worry about someone else’s credit troubles. Being single may really be an advantage if you’ve maintained a good credit history.
Know Down Payment Options
Next, look into down payment programs so you can get a feel for what you’ll need to save to buy a home.
When you have a goal of buying a house with another person, you may both work to save toward it, which means saving for a down payment may take less time than it would if you are a single saver.
These aren’t necessarily reasons why a single person should avoid purchasing a home on their own. Instead of debating whether it’s better to buy alone versus with a partner, consider how buying a property by yourself compares to your existing circumstances. A modest starter home can be the ideal option for you if you’re already living in a small apartment and would prefer to own rather than rent. It’s all about figuring out what works best for you and your budget.
A stronger job market assists single people in earning enough money to buy a property, as well as providing the work stability required to persuade a younger adult to commit to an area.
Owning your own home provides a lot of freedom and stability, but it also comes with a lot of work, especially if you’re the sole owner. Be sure you’re ready before taking this big step.
Lean on others for Guidance
When you’re on your own, having a community to rely on can make all the difference in assuring a successful house buying transaction.
Lean on the advice of people who have been through the process before — parents, older siblings or friends. Have someone come with you to look at a house you are serious about before you make an offer. A second pair of eyes can be very valuable, so they may point out things that you have missed. Or, you may be comforted to find that they reinforce your positive impression.
Do some research and read accounts from single people who have already acquired property to discover what works for them. Make contact with people you know who are going through the same thing as you.
You don’t have to, well, go it alone just because you’re going it alone.
The number of single-person homes is increasing. If you’re hoping to buy a house on your own, know that your dream is within reach. Let’s connect when you’re ready to start your search so you can get expert help every step of the way.